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It's been a bang-up year, particularly for commodities and precious metals, and equities and high-yield bonds haven't performed too shabbily, either. Looking across all countries and asset classes for next year, Barron's asked:

What is your top investment idea?

Rob Arnott

Chairman, Research Affiliates "We like a defensive posture, because either the economy stalls again, as is likely, or inflation re-ignites. If the former, long/short strategies are best, with a top pick being long
Bank of AmericaBAC -1.3789299503585217%Bank of America Corp.U.S.: NYSEUSD17.88
-0.25-1.3789299503585217%
/Date(1438376527047-0500)/
Volume (Delayed 15m)
:
65229377AFTER HOURSUSD17.87
-0.01-0.05592841163310962%
Volume (Delayed 15m)
:
1947569
P/E Ratio
19.37371329504822Market Cap
187236435235.122
Dividend Yield
1.1185682326621924% Rev. per Employee
422621More quote details and news »BACinYour ValueYour ChangeShort position
(BAC), short
Berkshire Hathaway
(BRKB). If the latter, inflation-linked bonds are a safe haven, and we would buy, on dips, commodities, emerging-market stocks and bonds and high-yield bonds."

David Rosenberg

Chief Economist & Strategist, Gluskin Sheff "Gold bullion. Between Europe's escalating sovereign debt problems, the dramatic fiscal strains at the state and local level in the U.S., and the inflationary buildup in emerging Asia, the world in 2011 will be witnessing a U-shaped experience. 'U' stands for uncertainty, and there is no better hedge than the yellow metal, which should post its 11th winning year in a row."

Louise Yamada

Managing Director, Louise Yamada Advisors "The six- to seven-year breakout in relative strength for the tech sector has been impressive and exhibits a large enough technical base, post the 2000 decline, to suggest tech is one of the new structural leaders."

Last Week: Review

Healthy Skepticism

A federal judge in Virginia ruled that a cornerstone of the health law was unconstitutional, saying that requiring people to carry insurance or pay a penalty "exceeds the constitutional boundaries of Congressional power." The judge's ruling doesn't require states or the federal government to suspend implementing the law. Later in the week, a federal judge in Florida sounded sympathetic to similar arguments by lawyers for 20 states, but skeptical of another aspect of the suit related to Medicaid, and said he would make a ruling later.

On the High Side

U.S. equities reached a 52-week high and a new closing high for 2010. At week's end, the Standard & Poor's 500 Index closed at 1244, up 0.28%, and the Dow Jones Industrial Average reaching 11,492, up 0.72%. As if to underscore stocks' attractiveness, Pimco's Total Return Fund was allowing investments in equity-linked securities for the first time since 2003. Treasury-bond yields surged to seven-month highs.

Tax Deal Is a Wrap

Congress passed an $858 billion bill to extend Bush-era tax cuts, as well as jobless benefits, and to temporarily lower payroll taxes. The bill was set to become law Friday.

Love Among the Ruins?

The European Central Bank said it would nearly double its capital to 10.76 billion euros ($14.15 billion) in a bid to fight the euro-zone debt crisis. EU leaders also approved a treaty amendment that would allow for a permanent mechanism with stricter conditions to handle financial crises starting in 2013. Moody's downgraded Ireland's debt five notches, and put Greece's debt under review for a possible downgrade. It also warned Spain about its debt. Ireland approved an IMF bailout of more than $30 billion.

Steady Feddy

The Fed noted improvement in the recovery, but left its $600 billion asset-purchase program unchanged. It said the pace of activity is "insufficient" to reduce joblessness.

Talking the Talk

Bank of America started potential settlement talks with its largest mortgage investors, including the New York Fed. BofA put $1 billion of toxic-mortgage paper on the block, the New York Post reported. Arizona sued the bank, alleging it misled consumers about home-loan modifications. A home-loan spokesman said the bank would keep working toward "fair and equitable" foreclosure practices.